KARACHI: Pakistan State Oil (PSO) recorded profit after tax (PAT) at Rs6.44 billion which translated into earnings per share (EPS) of Rs13.71.

This represented 51pc surge from PAT at Rs4.25bn and EPS Rs9.05 with analysts finding the the results in line with expectations.

PSO said in a statement that despite unfavourable market conditions in the industry and host of challenges, the company remained focused on re-gaining market share and volumetric growth.

It outperformed the industry by a big margin. In motor gas, PSO’s volume growth was 13.7pc year-on-year, compared to 3.8pc of industry. The company’s market share increased by 3.4pc.

In high speed diesel, PSO’s sales jumped 7.8pc versus industry’s 10.3pc decline with market share higher by 7.6pc. In white oil, PSO’s volume growth was 9.3pc as compared to 3.2pc decline in the industry while share growth was 5pc.

PSO also saw growth in market share in the black oil by 5.1pc.

The oil marketing giant is plagued by the menace of circular debts. PSO stated that as of Dec 31, 2019, outstanding receivables (inclusive of LPS) from independent power producers, generation companies, PIA and Sui Northern stood at Rs306bn.

Published in Dawn, February 19th, 2020